Expect 6-9 months. 

I’m nervous and confused but I know that if I never go for it I can’t expect to change my life forever.

It's the basic premise of a square deal and expectations.  

You typically buy these without seeing them inside. plan and budget for the worst case senerio.4. the process can take much longer then you expect to close.

As the Boomers retire and downsize, I expect a marked influx of supply of this very type of traditional, single family house.

They're pretty nasty tenants and I'm expecting that they're going to make this as difficult as possible for us.

They're pretty nasty tenants and I'm expecting that they're going to make this as difficult as possible for us.

Always build in a cushion to your numbers because there is always things that come up during rehab that are not expected or accounted for in the initial budget. 

Most of these homes are very poor locations and very poor condition.You need to hire someone to go out, access the property (drill out locks, install new locks, and install lock box with keys,) clear the property (many of these properties have squatters living in them,) secure the property (lock windows, fix broken/unsecured points of entry,) evaluate the home, build a rehab budget, and send over pictures and/or video.There are several GC's and home inspectors who are offering these services for the MI/OP clients.

How long does the loan process take and what can i expect as far as credit score and employment requirements.